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. >> appears that a deal is in sight on the fiscal cliff. a deal is not done yet. we may have to solve this problem in several stocks. including a tax credit for families with children the education tax credit. >> he said he would have liked to have gotten a bigger deal done but unfortunately he was not able to do that. this will have to be ruled out in several steps. checking chicagos letter which is kind of great as the final day of 2012. snow passing downstate as you can see on the radar. if you're heading south be aware of that. we may get a flurry but a lot of this hanging up in the clouds over the city. it will be moving out of here tonight. we get into some serious cold there. this low pressure a streaking along fast. high pressure comes in and brings the sun back tomorrow. look at the temperatures and how cold it is out west of us. we've got 310 days without a subfreezing reading. the hundred and 10 days310 days is just not happened before. tomorrow it happens, we go into subfreezing daytime high territory. we bring to an end, a record. live records going b
. >> appears that a deal is in sight on the fiscal cliff. a deal is not done yet. we may have to solve this problem in several stocks. including a tax credit for families with children the education tax credit. >> he said he would have liked to have gotten a bigger deal done but unfortunately he was not able to do that. this will have to be ruled out in several steps. checking chicagos letter which is kind of great as the final day of 2012. snow passing downstate as you can see on...
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. >>> the clock is ticking toward the showdown on the fiscal cliff. one of the big questions is, what will happen next? shawn tully is here, editor at large for "fortune" magazine, he joins us from new york right now. you have followed most of the major economic stories for more than 20 years now. i'm not trying to make you seem old. sometimes i do, when i say how long i've been doing this. is this the first time you've seen something go this close to the wire? >> i think so, don. and what's really troubling about the debate is really missed by a lot of commentators, this is really a spending issue. we understand that even if taxes go up on individuals making over 200,000 and families making over 250, it only plugs about 8% of the deficit problem over the next ten years. we have a $1.3 trillion deficit for 2012. it will be about a trillion for 2013. we're borrowing 35 cents on the dollar. the enormous problem is interest rates are way below normal, so when they spike, which they inevitably will, and the government is borrowing very short term to keep
. >>> the clock is ticking toward the showdown on the fiscal cliff. one of the big questions is, what will happen next? shawn tully is here, editor at large for "fortune" magazine, he joins us from new york right now. you have followed most of the major economic stories for more than 20 years now. i'm not trying to make you seem old. sometimes i do, when i say how long i've been doing this. is this the first time you've seen something go this close to the wire? >> i...
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how much of what is ultimately able to get done depends on the outcome of this fiscal cliff fight? >> well, i guess the temptation is to say this is going to use up all the energy and fighting spirit of the white house but the president has four years, maybe two, maybe one before the mid terms, one after. i think that there's a legacy situation in play here and so i'm pretty sure that he is going to want to not leave huge debt and there is also a situation where what's good for him is also good in some respects for republicans. so do republicans want immigration reform before the next election? do they want to dig out of the hole they're in with hispanic voters? so there is some mutual interest. i think that gun fight is going to be very difficult but i think that's something that we're going to see, if it doesn't happen this year it may happen the next year or the year after. it is just something that i think the president will want to leave office having achieved. so nothing is going to be easy. we'll have very many brinks, you know, and a lot of fighting over principles which is
how much of what is ultimately able to get done depends on the outcome of this fiscal cliff fight? >> well, i guess the temptation is to say this is going to use up all the energy and fighting spirit of the white house but the president has four years, maybe two, maybe one before the mid terms, one after. i think that there's a legacy situation in play here and so i'm pretty sure that he is going to want to not leave huge debt and there is also a situation where what's good for him is...
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try to get it done. hawaii. fiscal cliff hasn't touched them yet. so, i think we go over the cliff and then the bunji cord attached to our ofeet we dangle for a while. it will be the end of the week. >> bret: next up, a look back at the year that was. ♪ auld lang syne. >> bret: it's a big night. do we have the live look at times square people huddled down there? oh, that is live. look at that they are all packing in there. a lot of them have been there all day. getting ready for that big crystal ball to drop. there you see the countdown, the new year's countdown on the screen. 2012. there is the ball. it's been a crazy year. crazy news year as well. we're back with the panel. we decided that we would try the highlights and low lights of 2012 with the panel for this second panel. the last panel of 2012 i should point out. >> knock on wood. be. [ laughter ] >> bret: charles, highlight and low light. >> i just got a news alert. just arrived at the senate chamber. >> bret: someone just laughed in tv land. >> they are like what is that? >> rolling out
try to get it done. hawaii. fiscal cliff hasn't touched them yet. so, i think we go over the cliff and then the bunji cord attached to our ofeet we dangle for a while. it will be the end of the week. >> bret: next up, a look back at the year that was. ♪ auld lang syne. >> bret: it's a big night. do we have the live look at times square people huddled down there? oh, that is live. look at that they are all packing in there. a lot of them have been there all day. getting ready for...
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if this fiscal cliff thing is done, i'm going to sleep. however, if it isn't dealt with, your taxes are going to go up. your grocery bill might go up too. the deal that could affect milk prices, next. and a new year's message from washington from one of our viewers. >> my new year's message to washington is this. there are not wealthy enough and corporations to keep you in office. in this light, grow up, govern, and most importantly. support middle class policies. am i on this one? no, no, no, no, no. i am on this one. [ male announcer ] for every 2 pounds you lose through diet and exercise alli can help you lose one more by blocking some of the fat you eat. simple. effective. belt-friendly. let's fight fat with alli. learn more, lose more at letsfightfat.com. learn more, lose more are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explai
if this fiscal cliff thing is done, i'm going to sleep. however, if it isn't dealt with, your taxes are going to go up. your grocery bill might go up too. the deal that could affect milk prices, next. and a new year's message from washington from one of our viewers. >> my new year's message to washington is this. there are not wealthy enough and corporations to keep you in office. in this light, grow up, govern, and most importantly. support middle class policies. am i on this one? no,...
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president obama is stepping up public pressure on republicans to got a fiscal cliff deal done. he'll appear on "meet the press" sunday as senate convenes to work on a possible deal with a possible vote monday. >>> an airliner off the runway at airport in russia, there were eight crew members aboard and no passengers. there was light snow at the time of the crash. >>> more news later. back to "lockup." >>> due to mature subject matter, viewer discretion is advised. >>> during our stay at the penitentiary of new mexico, our producer conducted an interview with a serial rapist, who would soon be completing his prison term and returning to society. the inmate agreed to the interview on the condition of anonymity. what he had to say is disturbing, but provides a rare insight into the mind of a serial rapist. >> after performing the rapes, the physical rapes, i would literally scare these women to death. what i would do is go into a victim's purse, i would find address books, i would take their driver's license out of their purse. and i would say, okay, now i know where you live. i k
president obama is stepping up public pressure on republicans to got a fiscal cliff deal done. he'll appear on "meet the press" sunday as senate convenes to work on a possible deal with a possible vote monday. >>> an airliner off the runway at airport in russia, there were eight crew members aboard and no passengers. there was light snow at the time of the crash. >>> more news later. back to "lockup." >>> due to mature subject matter, viewer...
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cliff deal not done at all. stay with cnn all day for the developing news on the fiscal cliff, we have a big house vote perhaps as this bill gets to the floor. as we say good-bye to 2012 thank you to all the people behind the scenes who make "starting point" possible. happy new year, everyone. ♪ ♪ ♪ ♪ ♪ should all acquaintance be forgot
cliff deal not done at all. stay with cnn all day for the developing news on the fiscal cliff, we have a big house vote perhaps as this bill gets to the floor. as we say good-bye to 2012 thank you to all the people behind the scenes who make "starting point" possible. happy new year, everyone. ♪ ♪ ♪ ♪ ♪ should all acquaintance be forgot
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going over the fiscal cliff. meanwhile, the president talked about it today. >> democrats and republicans in congress have to get this done. but they are not there yet. they are close. but they're not there yet. and one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you are supposed to do, they will use that second. >> we will continue to work on finding smarter ways to cut spending but let's not let that hold up and protect americans from the tax hike to take place in ten hours. ten hours from now. we can do this. we must do this. >> bret: it's not clear whether they can. it's not clear whether that is all of them believe they must. bring in the panel. jonah goldburg. kirsten powers if for daily beast. syndicated columnist charles krauthammer. begin with the president's statement today that happened mid-day. he framed it as ed henry said as campaign style event. middle class families behind him. didn't have a lot of details and has had the
going over the fiscal cliff. meanwhile, the president talked about it today. >> democrats and republicans in congress have to get this done. but they are not there yet. they are close. but they're not there yet. and one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you are supposed to do, they will use that second. >> we will continue to work on finding smarter ways to cut spending but let's not let that hold...
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to avoid the fiscal clip. it is the fault of congress. they created this fiscal cliff. they did it. no one else imposed this on them. >> the president has never gone to the natioand made a sio speech about debt. he ignored it the first two years. he appoints a commission that he studiously ignores for the next two years. that is why we are at the clip now. he is not serious about the debt. none of his proposals to raise taxes on the rich. he has never put any political capital in entitlement reform our tax reform. he'll talk about it here and there. never invested any capital in it. >> any difference of opinion? >> if it is such a trivial amount, the raising of taxes on the wealthy, then why the squealing, the yelling, the hurt feelings of all this plutocrats? my goodness gracious. i will say this -- right now, he is absolutely right. all the political advantage is with the president, but if this thing comes to a complete halt and falls, then there would be political blame across the board, and it will undermi
to avoid the fiscal clip. it is the fault of congress. they created this fiscal cliff. they did it. no one else imposed this on them. >> the president has never gone to the natioand made a sio speech about debt. he ignored it the first two years. he appoints a commission that he studiously ignores for the next two years. that is why we are at the clip now. he is not serious about the debt. none of his proposals to raise taxes on the rich. he has never put any political capital in...
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. >>> this morning we have technically gone over the fiscal cliff, however, the senate has reach add deal to avoid some of the tax hikes and the automatic spending cuts. >> we're far from having a done deal. if the senate passes on the compromise, it will move to the house where it will likely face more opposition. tara mergener reports from capitol hill. >> reporter: in the early morning hours of new year's day, the senate began voting on a bill to avoid the so-called fiscal cliff. >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hikes for 99% of all americans. >> this shouldn't be the model for how we do things around here but i think we can say we've done some good for the country. >> reporter: if the bill eventually becomes law, the bush era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the alternative minimum tax for the wealthy from hitting millions of middle-class families. >> middle-class families will wake up today to the assurances that th
. >>> this morning we have technically gone over the fiscal cliff, however, the senate has reach add deal to avoid some of the tax hikes and the automatic spending cuts. >> we're far from having a done deal. if the senate passes on the compromise, it will move to the house where it will likely face more opposition. tara mergener reports from capitol hill. >> reporter: in the early morning hours of new year's day, the senate began voting on a bill to avoid the so-called...
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yes i'm talking about the fiscal cliff. hello, good to be with you. we are just two days now remaining that is, until the countdown clock and the pressure is mounting on lawmakers to get a deal done. both houses of congress are back in session this sunday ready to vote on a plan that senate leaders are trying to hammer out right now. if a deal isn't reached, your taxes will go up and government spending will be slashed. dana bash and jessica yellin are covering all angles of the story. let's start with dana on capitol hill who has heard word of a setback in the talks. dana, what do you know? >> setback from the perspective of democrats. we should underscore that. this is any information that is coming out. is coming out for a purpose. this is certainly significant. when it comes to the democrats' perspective. and that is, they are very unhappy and they call a quote poison pill. what they say is an offer from the republicans to include in this deal, which has been from the democrats perspective, mostly focused on taxes to include in it, a change in a t
yes i'm talking about the fiscal cliff. hello, good to be with you. we are just two days now remaining that is, until the countdown clock and the pressure is mounting on lawmakers to get a deal done. both houses of congress are back in session this sunday ready to vote on a plan that senate leaders are trying to hammer out right now. if a deal isn't reached, your taxes will go up and government spending will be slashed. dana bash and jessica yellin are covering all angles of the story. let's...
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senator john mccain told me just a little while ago even if a fiscal cliff deal is done, the battle between the white house and congressional republicans is far from over. >> i think there's going to be a whole new field of battle when the debt ceiling rolls around. >> all right. let's dig a little bit deeper with ryan lizza. he's washington correspondent for the new yorker magazine. also ali velshi our chief correspondent is joining us. deal or no deal? >> looks like from what dana is reporting, that a deal is in sight. republicans are saying they're going to have a vote tonight. looks like a deal is done. >> with the senate. >> we don't know what the house will do. and the last time john boehner tried to put something on the floor, his caucus rebelled. he'd have to let the house vote its will. >> but you agree if the president of the united states supports it, most of the house democrats will support it. so you don't need a majority of the republicans, you need a few republicans to get to that magic number of 218. >> exactly. obama and pelosi seem to have a firm grasp on the house democra
senator john mccain told me just a little while ago even if a fiscal cliff deal is done, the battle between the white house and congressional republicans is far from over. >> i think there's going to be a whole new field of battle when the debt ceiling rolls around. >> all right. let's dig a little bit deeper with ryan lizza. he's washington correspondent for the new yorker magazine. also ali velshi our chief correspondent is joining us. deal or no deal? >> looks like from...
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cliff deal done if it does in fact get done. and what i mean by that is this -- it was done in the senate, and then it just went over to the house where house republicans were not interested in voting on it, a one-year extension of this at all, but they were sort of forced to do it because of the way the senate acted. it's not unlike what we'll probably see if the senate votes tonight and the house votes tomorrow. republicans in the senate and house are not going to be happy about it, but it's going to be, as they say here, they're going to get stuck with this bill and they're not going to have any other choice but to bring it up and probably pass it. >> can we assume, dana, that the senators, maybe even the vice president, will emerge from the meeting that is under way right now and come to the microphones that are near you? >> i would love to say yes, but we're getting some signals from democratic leadership sources that harry reid will probably not come and talk to us. however, i have seen this movie before. we're told that h
cliff deal done if it does in fact get done. and what i mean by that is this -- it was done in the senate, and then it just went over to the house where house republicans were not interested in voting on it, a one-year extension of this at all, but they were sort of forced to do it because of the way the senate acted. it's not unlike what we'll probably see if the senate votes tonight and the house votes tomorrow. republicans in the senate and house are not going to be happy about it, but it's...
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on the fiscal cliff. negotiations continuing behind closed doors to avoid some of the the most painful tax hikes and spending cuts in our nation's history. at least one republican congressman believes the president really wants the nation to go over the cliff, he so tax rates can rise. joining me now for his take on what's going on, live from the hill right now, house budget committee member, republican south carolina congressman mick mullvaney. thank you for being with us. >> thanks for having me. >> harris: this would be quite an acting job if he really in the end wants us to go off the cliff. >> politicians are good actors. and not only the last couple months, but years, his omb, budget, the money necessary to run the programs he wanted and nancy pelosi tells me there are members in her caucus wants taxes to go up and howard dean not shy saying that taxes should go up on everyone for months. there's a major part of the democrats who want the rates to go up and are public about it. the question, does th
on the fiscal cliff. negotiations continuing behind closed doors to avoid some of the the most painful tax hikes and spending cuts in our nation's history. at least one republican congressman believes the president really wants the nation to go over the cliff, he so tax rates can rise. joining me now for his take on what's going on, live from the hill right now, house budget committee member, republican south carolina congressman mick mullvaney. thank you for being with us. >> thanks for...
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congress did not get it done and the country goes over the fiscal cliff in less th an hour but there is a deal in the works that could stop tax cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending cuts from kicking in by kicking the can down the road a couple months. right now on the hill, outside the senate, they are waiting for word from vice president joe biden who is briefing the caucus on the deal that he reached with senate leaders and with the republican majority leader. they said a few moments ago that there will be a vote sometime before midnight tonight, no guarantee it will pass. whatever happens we are going over that cliff. >> happy new year. >> reporter: vice president joe biden me
congress did not get it done and the country goes over the fiscal cliff in less th an hour but there is a deal in the works that could stop tax cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates,...
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there was a lot of hope that some of these things would get done if fiscal cliff could be put off the table. it's not going to happen. >> when you talk about not enough goodwill, that's true when the cameras are on. when the cameras are off a lot of these people like each other, they're collegial, they're very much a family, at least in the senate, probably in the house, too. there's three people who are leaving so today being the final day, there are going to be a lot of people saying good-bye to dick lugar, kent conrad, and herb kohl. >> there is a little bit of that going on. it's funny because there were good-bye speeches given before christmas but a lot of those senators are speaking again and so they're certainly milking this for all it's worth because they're here until thursday morning when the new congress begins in the afternoon. >> all right. ed, thanks so much for joining us. still to come, toure's thoughts on this cliff-mas eve. ♪ [ male announcer ] why do more emergency workers everywhere trust duracell...?? duralock power preserve. locks in power for up to 10 years in
there was a lot of hope that some of these things would get done if fiscal cliff could be put off the table. it's not going to happen. >> when you talk about not enough goodwill, that's true when the cameras are on. when the cameras are off a lot of these people like each other, they're collegial, they're very much a family, at least in the senate, probably in the house, too. there's three people who are leaving so today being the final day, there are going to be a lot of people saying...
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. >>> if bridging the partisan divide wasn't challenge enough, get ready because the fiscal cliff is far from a done deal. vice president joe biden and mitch mcconnell brokered a deal and, yes, it cleared the senate late last night. but no, the republican-controlled house of representatives hasn't voted on this yet. they are going to convene in about 30 minutes. house democratic caucus is meeting in less than an hour while the house gop leaders are meeting at 1:00 p.m. eastern time. both parties undoubtedly laying the groundwork for the fiscal cliff showdown that will unfold between its 435 house members. one of those members is democratic congressman from michigan. he's kind enough to join me. thank you for being with us today. first of all, if you could get me up to speed on the decision to make a decision v you heard anything about the possibility there might be a vote today with your members? >> i haven't heard directly. i think there will be. i think the vote last night in the senate set the stage. it was overwhelming. we're going to have a caucus democrats and republicans will
. >>> if bridging the partisan divide wasn't challenge enough, get ready because the fiscal cliff is far from a done deal. vice president joe biden and mitch mcconnell brokered a deal and, yes, it cleared the senate late last night. but no, the republican-controlled house of representatives hasn't voted on this yet. they are going to convene in about 30 minutes. house democratic caucus is meeting in less than an hour while the house gop leaders are meeting at 1:00 p.m. eastern time....
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. >>> another day gone and still no deal on the fiscal cliff. if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. elizabeth corridan is monitoring the situation from washington, d-c. >> reporter: >> as >> as we gather with so much, we need to guide our lawmakers with your wisdom. this evening. >> reporter: the senate will reconvene monday morning, at which point there will be just over 12-hours until the u.s. goes over the fiscal cliff. the senate convened its rare sunday session with a prayer for progress. the house returned from its holiday hours until the u-s economy goes over what's being called the fiscal cliff - lawmakers are locked in a fierce face-off over a set hikes. "we're apart on some pretty big issues." " >> i'm willing to get this done, but i need a dance partner." >> reporter: on n-b-c's meet the press, president obama made a final pitch for his
. >>> another day gone and still no deal on the fiscal cliff. if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. elizabeth corridan is monitoring the situation from washington, d-c. >> reporter: >> as >> as we gather with so much, we need to guide our lawmakers with your wisdom....
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but the country did technically go over the fiscal cliff. but they are working to fix everything so that we don't feel the pain of going over the fiscal cliff. so, how will the house vote? that's the big question coming in to today. and the short answer is we are not sure because house leaders put out a statement following the vote in the senate and they gave no promises. they simply said that they will consider is coming to them. they will read it and they will make their decision after that. but no indication whether they will do as the senate did or will they go the other way. >> vice president said you can never guess how the house will vote. renee marsh with us live in dc thanks for the time. >>> in news around nation, a parking lot scuffle gets nasty in the state of georgia. a woman faces charges after police say she hate teen with her suv hit a teen with her suv. angela cornet got into a arrangement with a 17-year-old girl saving the space for a friend at wal-mart. >> she told her to move and pulled into the parking spot a hit her wit
but the country did technically go over the fiscal cliff. but they are working to fix everything so that we don't feel the pain of going over the fiscal cliff. so, how will the house vote? that's the big question coming in to today. and the short answer is we are not sure because house leaders put out a statement following the vote in the senate and they gave no promises. they simply said that they will consider is coming to them. they will read it and they will make their decision after that....
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rich edson on capitol hill as we await the ball drop and the fiscal cliff to hit. rich: we have just gotten a back of the envelope, unofficial congressional budget office.
rich edson on capitol hill as we await the ball drop and the fiscal cliff to hit. rich: we have just gotten a back of the envelope, unofficial congressional budget office.
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after weeks of back-and-forth bickering we may have a deal on the "fiscal cliff." it is not literally the 11th hour but it's close. according to a democratic aide who says the white house has reached an agreement with congressional republicans, is essentially a done deal but let's get the latest. cbs reporter randall pinkston joins us live from capitol hill with the details. randall. >> reporter: brian, just minutes ago we saw vice president joe biden's motorcade arrive on the grounds of the nation's capital. he is in there right now briefing members of the democratic caucus about the details and here are some of those details. the sequester which is supposed to take place tonight the automatic spending cuts have been put off for two months to give democrats and republicans, the white house and congressional leaders time to work out a longer deal. but right now, they have one that will at least avoid the nation and the economy going off that so-called "fiscal cliff." the senate is close to a deal as the clock ticks toward midnight and the nation teeters on the edge
after weeks of back-and-forth bickering we may have a deal on the "fiscal cliff." it is not literally the 11th hour but it's close. according to a democratic aide who says the white house has reached an agreement with congressional republicans, is essentially a done deal but let's get the latest. cbs reporter randall pinkston joins us live from capitol hill with the details. randall. >> reporter: brian, just minutes ago we saw vice president joe biden's motorcade arrive on the...
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on the fiscal cliff they think this is going to find someone out. it gets done. the debt limit, if we go over it, we get downgraded again. it's unthinkable. it's not completely unthinkable that we could. markets tanks. interest race go way up. the economy is in the tank. it's a much scarier thing, and it would be better for the economy long run if they could get the debt limit as part of this deal. >> they're not going to do it. especially this congress. i want to put up a chart that is probably my favorite chart in all of chart-dom. this gets to the heart of how difficult it is to do this. republicans keep saying stop spending, right? when you get them to sort of be specific, they can't do it, and i think this is the reason why. >> basically it shows that two-thirds of the spending. >> 24% defense. health care spending, which is medicare, and health care for our veterans, and medicaid is 22%. education is only 4% of the budget, and it's the biggest thing. welfare doesn't even show up. it's in other. the question always for me is what is it that republicans want
on the fiscal cliff they think this is going to find someone out. it gets done. the debt limit, if we go over it, we get downgraded again. it's unthinkable. it's not completely unthinkable that we could. markets tanks. interest race go way up. the economy is in the tank. it's a much scarier thing, and it would be better for the economy long run if they could get the debt limit as part of this deal. >> they're not going to do it. especially this congress. i want to put up a chart that is...
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economy officially went over the fiscal cliff, the senate passed a deal to avert its worst effects. the bill passed easily. it was a vote of 89-8, and it set up a showdown in the house which will convene four hours from now. republican leader mitch mcconnell said the process wasn't pretty but it got the job done. >> each of us could spend the rest of the week discussing what a perfect solution would have looked like, but the end result would have been the largest tax increase in american history. so, it took an imperfect solution to prevent our constituents from a very real financial pain, but in my view, it was worth the effort. >> so, here's what in that imperfect bill. tax rates will rise for individuals making over $400,000 and couples making more than $450,000. high-end rates for the estate tax and the capital gains tax will rise. all of those elements will be made permanent. in addition, the alternative minimum tax, which is patched every year, will be fixed permanently. several tax credits, including ones for children, college tuition and earned income, will be extended for f
economy officially went over the fiscal cliff, the senate passed a deal to avert its worst effects. the bill passed easily. it was a vote of 89-8, and it set up a showdown in the house which will convene four hours from now. republican leader mitch mcconnell said the process wasn't pretty but it got the job done. >> each of us could spend the rest of the week discussing what a perfect solution would have looked like, but the end result would have been the largest tax increase in american...
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messer, to bring it back to the current fiscal cliff talks -- during the campaign, you said that raising taxes is not a good way to help the u.s. economy. do you have an across the board opposition to raising taxes? >> i do believe that the worst thing to do any weak economy is to try to raise taxes. it is like pouring gasoline on fire. it is important to remember as a look at this debate, if the president gets all of his tax increases he is asking for, it $80 billion to the government. that is enough money to run the government for eight to 16 days. it will raise our deficit to somewhere around $1 trillion. i think we have to get aggressive about spending. we're going to have to look added title months if we're going to start to solve these problems. -- entitlements if we're going to start to solve these problems. i think the approach he has taken is one that is setting this process up for failure. the proof is the results of negotiations we have seen over the last couple weeks. >> would you have voted for plan b? >> as someone who has been out here in indiana, i do not know all the det
messer, to bring it back to the current fiscal cliff talks -- during the campaign, you said that raising taxes is not a good way to help the u.s. economy. do you have an across the board opposition to raising taxes? >> i do believe that the worst thing to do any weak economy is to try to raise taxes. it is like pouring gasoline on fire. it is important to remember as a look at this debate, if the president gets all of his tax increases he is asking for, it $80 billion to the government....
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tax hikes aren't the only things at stake in the fiscal cliff negotiations. national security is also on the line with massive cuts at the defense department as part of the deal. leon pineda is prepping to send layo layoffs. >> if there is a deal done that doesn't set aside thense cuts because we already cut 489 billion out of the defense department i am disappointed as the president as commander-in-chief and disappointed with the republican party for letting this happen. >> sequestration was the penalty they imposed on itself last year when they failed to find $1.2 trillion of cuts they live with. now mhalf are directed at the pentagon but the dramatic across the board cuts can be offset by raising taxes on the rich. >> if we have raised revenue by the wealthy paying more that is sufficient to turn off the sectsec quest tore the automatic cuts. >> senator graham told me he thinks it is possible to find 600 billion cuts elsewhere to suspend for a decade but a bipartisan agreement probably can't be reached until february or march. peter doocy, fox news. >>> 17
tax hikes aren't the only things at stake in the fiscal cliff negotiations. national security is also on the line with massive cuts at the defense department as part of the deal. leon pineda is prepping to send layo layoffs. >> if there is a deal done that doesn't set aside thense cuts because we already cut 489 billion out of the defense department i am disappointed as the president as commander-in-chief and disappointed with the republican party for letting this happen. >>...
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>> they're looking for a deal to be done that averts the worst effects of the fiscal cliff. always remembering that there will be some form of spending cuts and tax rises in the united states. but nothing like the grinding austerity that would be imposed on the u.s., and by definition and extension, the rest of the world, if the u.s. goes over the cliff. put it in context. this year the eurozone is in recession. next year recessions likely, growth just about possible. in that scenario for the largest trading partner to have a fiscal retrencherant, a slowdown of the magnitude of the cliff, ali, is pretty dramatic and drastic for everybody else watching. >> richard, there's a chance there could be a boomerang effect. the united states may grow, let's say 3% for argument's sake in 2013. that is going to be healthier than europe by a long shot, and we're seeing slowing in a lot of other major economies, including china, india, brazil. is there some sense that, just like the u.s. set off all of this nonsense back in 2008, a u.s. retrenchment, as you call it, a slowdown in growth
>> they're looking for a deal to be done that averts the worst effects of the fiscal cliff. always remembering that there will be some form of spending cuts and tax rises in the united states. but nothing like the grinding austerity that would be imposed on the u.s., and by definition and extension, the rest of the world, if the u.s. goes over the cliff. put it in context. this year the eurozone is in recession. next year recessions likely, growth just about possible. in that scenario for...
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if we go over the fiscal cliff? >> the question is if you go over the fiscal cliff and have to renegotiate, what is the deal? this deal is better than what would happen if nothing passed. and because this is separating out the spending issue from the tax issue, i think it's very helpful. we have a lot of problems on the spending side. congress, the president, have not reduced spending, stopped the growth of spending as we need. we need to focus on that by taking the tax issue off the table. i think they'll have a lot more clarity on the tax issue moving forward. at the state level in the 50 states, where we have governors who have taken the pledge never to raise taxes, they have a lot more success in reining in spending because they take the tax issue off the table and it doesn't confuse the issue. >> doesn't dominate the discussion, which is what happened here. it dominated the discussion where the spending side of things, we don't find ourselves in agreement on a lot of things, but it's much more complicated to de
if we go over the fiscal cliff? >> the question is if you go over the fiscal cliff and have to renegotiate, what is the deal? this deal is better than what would happen if nothing passed. and because this is separating out the spending issue from the tax issue, i think it's very helpful. we have a lot of problems on the spending side. congress, the president, have not reduced spending, stopped the growth of spending as we need. we need to focus on that by taking the tax issue off the...
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in order to avert the fiscal cliff and particularly sequestration an in august they pass a tax bill. the senate on bu the bills, nothing. the same said he could not give us a subject. gerri: what to bring this up. the president at a press conference really sort of insulting republicans, hoping to come to agreement. listen to the president. >> my preference woul have been to solve all these problems in the context of a larger agreement, a bgger deal, a grand bargain, whenever you want to call it. with this congress, that was obviously a little too much to hope for at this time. maybe we can do it in stages. we're going to solve this problem instead in several steps . gerri: he could have been a little more conciliatory. >> i guess what i would say is, i would agree with him. i wish we did have a grand bargain. even brad he just will the when the democrats said we needed a grand bargain. certainly paul ryan and i don't know if you remember, he voted against it. plenty of blame to go around. add up think it makes sense to go after just the president. i think this is a failure of our lea
in order to avert the fiscal cliff and particularly sequestration an in august they pass a tax bill. the senate on bu the bills, nothing. the same said he could not give us a subject. gerri: what to bring this up. the president at a press conference really sort of insulting republicans, hoping to come to agreement. listen to the president. >> my preference woul have been to solve all these problems in the context of a larger agreement, a bgger deal, a grand bargain, whenever you want to...
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if we can get that done, that takes a big bite out of the fiscal cliff. it avoids the worst outcomes and we're then going to have some tough negotiation necessary terms of how we continue to reduce the deficit, grow the economy, create -- >> but this fight comes back. now, i want to ask you specifically about entitlements, medicare and social security. are you prepared in the first year of your second term to significantly reform those two programs, to go beyond the cuts you've suggested to benefits in medicare, that your own dead commission suggested you would have to do if you were going to shore up medicare at least? are you prepared to do that in your first year of a second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation and for future generations. >> you have to talk tough to seniors. >> i already have. one of the proposals we made is something called change cpi which basically makes an adjustment in terms of how inflation is calculated on social sec
if we can get that done, that takes a big bite out of the fiscal cliff. it avoids the worst outcomes and we're then going to have some tough negotiation necessary terms of how we continue to reduce the deficit, grow the economy, create -- >> but this fight comes back. now, i want to ask you specifically about entitlements, medicare and social security. are you prepared in the first year of your second term to significantly reform those two programs, to go beyond the cuts you've suggested...
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and with the white house and congress focused exclusively on the fiscal cliff, what does it all mean for president obama's second term agenda? the president laid out some of his goals on sunday on "meet the press." >> there are a couple of things that we need to get done. i've said that fixing our broken immigration system is a top priority. the second thing that we've got to do is to stabilize the economy and make sure it's growing. number three, you know, we've get a huge opportunity around energy. we are producing more energy and america can become an energy exporter. but the most immediate thing i've got to do, starting on january 1st, if congress doesn't act before the end of the year, is make sure that taxes are not going up on middle class families. >> joining me now, former spokesman for the democratic congressional campaign committee, doug thornel, republican media consultant kim, and my colleague at "the washington post" and white house reporter david knanakamura. doug, i want to start with you. the president's first-term agenda really was health care, and then he had to de
and with the white house and congress focused exclusively on the fiscal cliff, what does it all mean for president obama's second term agenda? the president laid out some of his goals on sunday on "meet the press." >> there are a couple of things that we need to get done. i've said that fixing our broken immigration system is a top priority. the second thing that we've got to do is to stabilize the economy and make sure it's growing. number three, you know, we've get a huge...
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the nation now just hours from going over the fiscal cliff after lawmakers fail to reach a deal over the weekend. could a last-minute push from vice president joe biden get something done before your taxes go up? >>> and oh, baby. kanye wecakanye west surprises y announcing his girlfriend, kim kardashian, is pregnant with their first child. how her family is reacting to the news "today," monday, december 31st, 2012. >> announcer: from nbc news, this is "today" with matt lauer and savannah guthrie live from studio 1a in rockefeller plaza. >> welcome to "today" on a very busy monday morning. i'm willie geist. >> and i'm erica hill. matt and savannah have the morning off. >>> we'll have the latest on secretary of state clinton's condition in a live report straight ahead. it is the last day of 2012. >> you and i are both in the same situation with young children. >>> people filing into times square in new york city. it is the world's biggest party. of course, security will be extremely tight. we'll check in on celebrations there and around the world. >> then we'll catch up with three wom
the nation now just hours from going over the fiscal cliff after lawmakers fail to reach a deal over the weekend. could a last-minute push from vice president joe biden get something done before your taxes go up? >>> and oh, baby. kanye wecakanye west surprises y announcing his girlfriend, kim kardashian, is pregnant with their first child. how her family is reacting to the news "today," monday, december 31st, 2012. >> announcer: from nbc news, this is "today"...
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goes over the fiscal cliff. >>> if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. elizabeth corridan is monitoring the situation and brings us the latest. --reporter pkg-as follows -- " as we gather with so much work undone, guide our lawmakers with your wisdom." the senate convened its rare sunday session with a prayer for progress. the house returned from its holiday hiatus. with less than 48- hours until the u-s economy goes over what's being called the fiscal cliff - lawmakers are locked in a fierce face-off over a set of spending cuts and tax hikes. >>> "we're apart on some pretty big issues." "i'm willing to get this done, but i need a dance partner." >> reporter: on n-b-c's meet the press, president obama made a final pitch for his plan to preserve bush era tax cuts for everyone but the wealthiest americans. >>> "regardless of partisan differences, our top priority has to be to make sure that taxes on middle class families do not go up that would hurt our economy badly." >> reporter: a major sticking point continu
goes over the fiscal cliff. >>> if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. elizabeth corridan is monitoring the situation and brings us the latest. --reporter pkg-as follows -- " as we gather with so much work undone, guide our lawmakers with your wisdom." the senate convened its rare sunday session with a prayer for progress. the house returned from its holiday hiatus. with less than 48- hours until...
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part of the fiscal cliff is that congress has not done the doc- fix, which is indexed the reimbursement rates on medicare. a 27% reduction and general one if it is not reduced. that means any health care provider providing health care to patients on medicare will have to reduce their services. it will be fixed or attractively, if not before. host: that is the health care law, the charts -- "the new york times" talks about what happens immediately in terms of tax increases. they are talking about payments to medicare providers fallen by 27% if nothing is done in the fiscal cliff action going on. --, while i have you, i want your thoughts -- how much of that sentiment are you seeing out there? guest: a see a lot of it. as a grass-roots organization, we hear from people all across the country. we talk about reducing deficits and having a responsible budget for 20 years. this is actually, it will you go over the cliff and nothing changes, the largest single day of the deficit reduction in world history. it is $600 billion in deficit reduction trust by the turn in the calendar. over the long
part of the fiscal cliff is that congress has not done the doc- fix, which is indexed the reimbursement rates on medicare. a 27% reduction and general one if it is not reduced. that means any health care provider providing health care to patients on medicare will have to reduce their services. it will be fixed or attractively, if not before. host: that is the health care law, the charts -- "the new york times" talks about what happens immediately in terms of tax increases. they are...
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cliff cliff thing done. no word yet on when people get extra lattes, where they can write get your lazy ass off vacation. >> willis likes that a lot more. >> i womdzer if there's enough room. >> if you're looking for love, you better have a good credit score. take a look at this. ♪ >> okay, yeah. we're not going to say we're going after those guys, but it's the credit score guys. "the new york times" is reporting that credit scores is huge and that could be at the top of the list. they interviewed people across the u.s., and a newspaper discovered a low credit score is a deal breaker in search of love. so if you don't have your act together, take care of that and maybe you'll find love. >> can you imagine, hi, how are you? what is your credit score? >> 420. no, mine is a lot higher. >> we want to show you this next footage. anyone who has ever had their parking lot stolen is going to love this. this is in russia. we don't know why this is being towed. i've got to get me one of these, because i would just l
cliff cliff thing done. no word yet on when people get extra lattes, where they can write get your lazy ass off vacation. >> willis likes that a lot more. >> i womdzer if there's enough room. >> if you're looking for love, you better have a good credit score. take a look at this. ♪ >> okay, yeah. we're not going to say we're going after those guys, but it's the credit score guys. "the new york times" is reporting that credit scores is huge and that could be...
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if they can get it done tonight on the eve of of the fiscal cliff, they can actually say they were able to get it done before we went over the cliff. that they were not so deeply, deeply irresponsible that they actually let us go over the cliff, to hammer a deal out. sometimes the congress likes to make a show of working very hard at the last minute, like a college student, who procrastinated, and then finally got the paper done. this is an embarrassing show of how we legislate in this country, but they are showing that it can be responsible, get this deal done, and go home. >> in what way can you describe the tone that this has taken, primarily this evening, as of yesterday it was this big blame game going on with fingering pointing. and really over the past couple of weeks it has been a roller costar. one day, all of this bipartisan spirit, the other day there is not. how do you think this whole thing is ending up as we stand here tonight. >> it is always a good policy in washington to assume that cooperation leads to compromise. oftentimes it is not, oftentimes what leads to compromi
if they can get it done tonight on the eve of of the fiscal cliff, they can actually say they were able to get it done before we went over the cliff. that they were not so deeply, deeply irresponsible that they actually let us go over the cliff, to hammer a deal out. sometimes the congress likes to make a show of working very hard at the last minute, like a college student, who procrastinated, and then finally got the paper done. this is an embarrassing show of how we legislate in this country,...
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the fiscal cliff. -- senator barbara boxer. >> we can sit here and watch what is happening. we know that there are negotiations going on to avert at least part of the fiscal cliff. i want to say, and i have said this privately and publicly that i really hope our leaders can find a way out of this. i watched the president's speech today and i thought, as usual, he was very fair in what he said. what he basically said it is it is the middle class who grows this economy, the middle class needs to be lifted up, the middle class to cannot afford the tax hikes down those at the very top can give just a little bit more. it is a very simple point. i just would hope, given that everyone says it is not about class, and i know they say that every day on the other side of the aisle. finding this compromise will not be inclusive but will come to pass. . you you know, i have been here for a while. my understanding is we have not met between -- christmas and new years since 1962. it takes something of major proportio
the fiscal cliff. -- senator barbara boxer. >> we can sit here and watch what is happening. we know that there are negotiations going on to avert at least part of the fiscal cliff. i want to say, and i have said this privately and publicly that i really hope our leaders can find a way out of this. i watched the president's speech today and i thought, as usual, he was very fair in what he said. what he basically said it is it is the middle class who grows this economy, the middle class...
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people have said that economists said concern about the fiscal cliff has already done damage. the economy, according to the cob is certain to fall back into recession and negative growth in the new year. is that higher taxes in a way a death knell for the economy or whole picture, of increased taxes and increased spending and no meaningful deficit reduction? >> we're seeing some effect already. you're seeing that in numbers on consumer confidence, on christmas season spending and business investment in hiring. the higher tacks is not the end of the republic. it is bad for growth. but we can still have a strong economy. but i do think we need to deal with uncertainty of what are taxes going forward. this cliff deal is short-term deal. we need leadership congressman was talking about. i wish it was there i agree with him what we really need going forward. lori: congressman rigell, one last comment from you with regards to confidence in washington of the americans are fed up with the wheeling and dealing in washington and no compromise. is there anything you can say to reinforce
people have said that economists said concern about the fiscal cliff has already done damage. the economy, according to the cob is certain to fall back into recession and negative growth in the new year. is that higher taxes in a way a death knell for the economy or whole picture, of increased taxes and increased spending and no meaningful deficit reduction? >> we're seeing some effect already. you're seeing that in numbers on consumer confidence, on christmas season spending and business...
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lawmakers have been so consumed by the fiscal cliff that it appears little was done to extend the 2010 payroll tax cuts, put in place by president obama two years ago in order to boost the economy. so what does it mean to your wallet? here is how much less you'll bring home if it expires. paychecks shrink $50 a month for those earning $30,000 a year. it shrinks $83 a month for those earning $50,000 a year. and $167 a month for those earning $100,000 a year. now, let's switch to the fiscal cliff. and what that is going to cost you. without a deal, you'll be paying lots more in tachxes. say you're single and working hard, you don't have kids, you earn $80,000 a year. if it does not go into effect, you'll pay an additional $3,000 more than what you already pay in taxes. the middle class families will get hit harder, two kids, both parents work. together you earn $80,000 a year. guess what, if there is no deal, you would owe $6,000 more in taxes next year. with so many variables, the question is how is wall street reacting? the stock market dipped every day last week. question is, what is
lawmakers have been so consumed by the fiscal cliff that it appears little was done to extend the 2010 payroll tax cuts, put in place by president obama two years ago in order to boost the economy. so what does it mean to your wallet? here is how much less you'll bring home if it expires. paychecks shrink $50 a month for those earning $30,000 a year. it shrinks $83 a month for those earning $50,000 a year. and $167 a month for those earning $100,000 a year. now, let's switch to the fiscal...
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>> ed, truth be known, and we see this fiscal cliff and the calamity of the day on january 1st, tonight is true the white house dot much care if they get it on the first or the fifth? >> reporter: you're right, with withholding, some people will not feel the effects of a tax increase the first couple of days, you might have time to finagle that, the treasury department has that authority. the fact of the matter, what they're more nervous about in the white house and republicans on the hill are unclear what will happen. will it be a tarp moment like in 2008 when the tarp legislation got voted down and president bush was imploring the fell mrow republicans. it's a bitter pill to swallow. they voted it down and the markets plunged 5, 600, 700 points and everybody figured it out. what's going to happen with the markets, they're closed new years day, but when they open january 2nd, we have several consecutive days the markets have gone down not by a ton, but if they're plunging on january 2nd, that's what they're more nervous about. >> andrea. >> we've heard a lot of names in these behind cl
>> ed, truth be known, and we see this fiscal cliff and the calamity of the day on january 1st, tonight is true the white house dot much care if they get it on the first or the fifth? >> reporter: you're right, with withholding, some people will not feel the effects of a tax increase the first couple of days, you might have time to finagle that, the treasury department has that authority. the fact of the matter, what they're more nervous about in the white house and republicans on...
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"fiscal cliff"? [ laughter ] >> that's it. >> never going to say it again. >> no more. >> there's it for 2012. >> are they going to get it done? >> reporter: i used to think they were but then when boehner couldn't get the votes for plan b i thought oh, my god, we're in trouble. >> do your job. >> we'll see what happens. >> melissa, thank you so much. >>> remember, you can find more of melissa's segments on cbssf.com/mornings. >>> time for a look at what's coming up later on "cbs this morning." norah o'donnell joins us now live in new york with the license on the big show. good morning. >> reporter: hey, good morning to you, frank and michelle. we're talking about secretary of state hillary clinton. she has been hospitalized after doctors found a blood clot so we're going to talk to dr. john lapook about just how serious this may be. also, we're following the last- minute negotiations to avoid the "fiscal cliff." that's required. is there going to be a deal today? we're all waiting and plus we'll tak
"fiscal cliff"? [ laughter ] >> that's it. >> never going to say it again. >> no more. >> there's it for 2012. >> are they going to get it done? >> reporter: i used to think they were but then when boehner couldn't get the votes for plan b i thought oh, my god, we're in trouble. >> do your job. >> we'll see what happens. >> melissa, thank you so much. >>> remember, you can find more of melissa's segments on...
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. >> today the final day of fiscal cliff negotiations. >> i want everybody know i'm willing to get this done but i need a dance partner. >>> vice president joe biden is now in on negotiations. >> do i wish things were more order will i in washington? absolutely. >>> a tour bus crashed on an icy oregon highway has killed nine people and injured 20 others. >> today is december 231st. there's going to be a huge celebration in times square with everyone waiting for the crystal ball to drop. >>> new video surfacing from the fate tall plaep crash in russia. sending debris into oncoming traffic. >>> a scary slip on a frozen lake ban an effort to save a life. >>> kim kardashian is pregnant. her boyfriend kanye west broke the news at a concert in atlantic city. >>> heading into the playoffs, rg3. maybe he can solve the fiscal cliff. >>> and all that matters. >> new zealand celebrated a few moments ago shooting fireworks into the sky to welcome 2013. >> on "cbs this morning." >>> chuck pagano was back on the colts' sidelines yesterday cancer-free as the colts took care of the texans, the 28-16. >
. >> today the final day of fiscal cliff negotiations. >> i want everybody know i'm willing to get this done but i need a dance partner. >>> vice president joe biden is now in on negotiations. >> do i wish things were more order will i in washington? absolutely. >>> a tour bus crashed on an icy oregon highway has killed nine people and injured 20 others. >> today is december 231st. there's going to be a huge celebration in times square with everyone...
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cliff. now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate began voting on a bill to avoid the so-called fiscal cliff. >> the bill as amended is passed. >> reporter: the senate voted 89-8 to avoid tax hikes for 99% of all americans. >> this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country. >> r if the bill eventually becomes law, the bush era tax cuts will be permanently extended for everyone making less than $400,000 a year. and families making less than $450,000 a year. it will also keep the altern
cliff. now president obama is calling on the house to pass the bill without delay. the bill stops most of the tax hikes and spending cuts that were to kick in at midnight. tara mergener is in washington with more this morning. tara, good morning to you. >> reporter: good morning, terrell. well, a deal is now on the books to avert some of the impact of the fiscal cliff which technically we have gone over. now it is up to the house. in the early morning hours of new year's day, the senate...
930
930
Jan 1, 2013
01/13
by
FOXNEWSW
tv
eye 930
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how do you feel about us not talking about the fiscal cliff anymore? >> woe, that is great. >> look. look. look how happy they are. >> that is the moment of the night. yes. >> that is what we thought. up next, one of the greatest stories of rock history will play out on our times square stage. >> that is right. we're 22 minutes from the big ball drop. all american new year's eve is become in three minutes, 2013 is that far away. >> hi, i'm in afghanistan and want to say hi to family in new jersey my wife and daughter. happy holidays i'll be home, soon. >> hi. i want say happy holidays to my family and friends in california and hi to my husband, bill, my kids, i love you. i miss you. see you guys soon. >>> i get i'm supposed to be the one wishing you a prosperus new year. more important to me is that it's an enriching year for you. you hug your family closer keep your friends tighter enjoy special moments more. do you that and you have all of that, i guarantee you, it's going to be a priceless new year. make it special. happy new year. >> yeah. we will.
how do you feel about us not talking about the fiscal cliff anymore? >> woe, that is great. >> look. look. look how happy they are. >> that is the moment of the night. yes. >> that is what we thought. up next, one of the greatest stories of rock history will play out on our times square stage. >> that is right. we're 22 minutes from the big ball drop. all american new year's eve is become in three minutes, 2013 is that far away. >> hi, i'm in afghanistan and...
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260
Jan 1, 2013
01/13
by
CNNW
tv
eye 260
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cliff, it would be tough for the markets. marks are telling us they think there's been a momentary judgment call, they've done the right thing and the markets think something's going to get done here. so a solution is priced into the market here. if you don't get a solution, it's going to be a problem. maybe not the first day but certainly a problem. i've talked to congressmen, you have, too, they have 2008 and t.a.r.p. fresh in their memory. remember when they didn't pass the bank bailout? >> sure. >> wall street said, that's not going to work and the stock market went down 700 points. they have that fresh in their memory. they don't want -- they don't want to do anything like that. so they're being very careful here, i think. >> christine, tell us about some of the things that were, at least on the senate side, tax goodies, things saved, some of the things that we didn't lose because of the agreement on the senate side. >> it's interesting, when you look at, for example, write-off for teachers for supplies they get for the
cliff, it would be tough for the markets. marks are telling us they think there's been a momentary judgment call, they've done the right thing and the markets think something's going to get done here. so a solution is priced into the market here. if you don't get a solution, it's going to be a problem. maybe not the first day but certainly a problem. i've talked to congressmen, you have, too, they have 2008 and t.a.r.p. fresh in their memory. remember when they didn't pass the bank bailout?...
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212
Jan 1, 2013
01/13
by
WTTG
tv
eye 212
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talk about gee whiz, you know, i really hope we can get something done here in the last day as we put two people together basically to resolve this. >> reporter: the two people were senate republican leader mitch mcconnell and vice president joe biden who worked the phones late last night and early this morning after talks between mcconnell and majority leader harry reid stalled. >> discussions continued today on a plan to protect middle class families from the tax increase tomorrow. there are a number of issues on which the two sides are still apart, but negotiations are continuing as i speak. >> reporter: the agreement would set the threshold for extending the bush tax cuts at $400,000 for individuals and $450,000 for families. it would set the tax rate our income people at 39.6%, the rate under former president bill clinton. estates would be taxed at 40% above $5 million for individuals and $10 million for a married couple. unemployment benefits would be extended a year, as would the medicare doc fix and it would permanently fix the alternative minimum tax. a big concern for republ
talk about gee whiz, you know, i really hope we can get something done here in the last day as we put two people together basically to resolve this. >> reporter: the two people were senate republican leader mitch mcconnell and vice president joe biden who worked the phones late last night and early this morning after talks between mcconnell and majority leader harry reid stalled. >> discussions continued today on a plan to protect middle class families from the tax increase...
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Dec 31, 2012
12/12
by
CSPAN
tv
eye 124
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the fiscal cliff. with no plan and no apparent hope. but here we are, and we have got to do something. if we are determined to go over the cliff, as we seem, we have to do something to stop and the landing. at the bottom of the fiscal cliff are immediate and massive tax increases, deep and indiscriminate spending cuts, and a risk of another recession. if we come down on the final hours -- we have to bang choices -- to do nothing and cause an unbelievable amount of hardship for our fellow americans, or to do something to reduce the suffering inflicted on our citizens by an inflexible political system. mr. president, i choose to do something. today i am introducing the act -- the cliff alleviation at the last minute act. the act would do three important things. it will soften the financial blow the fiscal cliff, it will colmar financial markets, it gives us the certainty of a plan. it allows us, if we ever find the courage, to pursue the fiscal grand bargain that has eluded us so far. the financial marke
the fiscal cliff. with no plan and no apparent hope. but here we are, and we have got to do something. if we are determined to go over the cliff, as we seem, we have to do something to stop and the landing. at the bottom of the fiscal cliff are immediate and massive tax increases, deep and indiscriminate spending cuts, and a risk of another recession. if we come down on the final hours -- we have to bang choices -- to do nothing and cause an unbelievable amount of hardship for our fellow...
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225
Dec 31, 2012
12/12
by
MSNBCW
tv
eye 225
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numbers one and two this year are fiscal cliff and kick the can down the road. now, regardless of today's outcome is the damage already done for congress? whether they come up with a small deal or not here when it comes to the american people, they've already decided congress is useless. >> well, i think those of us who tried to function over the last couple years in congress have been saying that. we can't figure out who even the 10%, who support congress, are. we are totally dysfunctional right now and this is just probably the worst example of it. you know, i heard speaker boehner say a number of times that he doesn't believe in compromise and a lot of republicans say the same thing. they say let's find common ground and act on that. well, there just isn't much common ground. if, in fact, the numbers we're hearing about the senate deal, whether $450,000 threshold or $550,000, that is not a matter of principle. that's just a matter of policy and splitting hairs and differences of dollars. so i think unfortunately we've got a lot of people on the other side of
numbers one and two this year are fiscal cliff and kick the can down the road. now, regardless of today's outcome is the damage already done for congress? whether they come up with a small deal or not here when it comes to the american people, they've already decided congress is useless. >> well, i think those of us who tried to function over the last couple years in congress have been saying that. we can't figure out who even the 10%, who support congress, are. we are totally...